Thursday, May 29, 2008

UTStarcom Execs Fined for Fake Financials

by Chris Thompson
Thu, May 29, 2008 at 7:45 AM

Two leaders of the Alameda-based telecommunications firm UTStarcom have agreed to pay $175,000 to settle federal charges that they filed false earnings reports, which may have boosted the stock price and defrauded investors. The company has been under investigation for more than a year, and NASDAQ struck UTStarcom from its roster in 2006, for failing to file earnings statements. The company is among the largest publicly-traded firms in the East Bay.

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